An argument can also be made that they had a lot of extra work getting them out but that is self inflicted unless they inherited the tenant.  

I am currently about to inherit an apartment in a co-op.

@Matthew Chalfant I recently inherited tenants who were paying 19% under market rent.

A friend of mine bought a duplex in San Pedro & inherited a tenant that burned him for 10 months rent during Covid.

I took an inheritance I had from a family member ($40,000) and used it for the down payment ($37,500) and I had saved $30,000 from my W-2 for repair costs.

I have a triplex in Southern California and I inherited the tenants a year ago.

BUT… if you buy the llc are you going to inherit his low cost basis and all his depreciation that needs to be recaptured when you sell?

Personally, I prefer vacant multifamilies because I don't like inheriting bad tenants from a bad property manager.

After record low year for move-outs in 2020 (only two) and new purchases (26 units), this year we had record high move-outs: Move outs from units which need to be renovated:1) Tenant bought house (1/21)2) Tenant went to Ghana to settle mother's estate and get married after covid travel restrictions ended. (3/21)3) Tenant moved into larger place with gf and childrent 1/21)4) Tenant moved for unknown reason (2/21)5) non-renewed troublesome tenant (7/21)6) Tenant moved in with roommate/friend (8/21)7) Tenant got housing voucher and moved to section 8 house (10/21)8) Tenant inherited a house from grandfather (10/21)9) non-renewed crazy (11/21)10) Tenant moved into one of our renovated units (12/21)Move outs from previously renovated units (quick turnovers)1) Tenant moved from 1BR renovated united into 2BR renovated unit (6/21)2) Tenant lost her job and moved in with mother (12/21)3) Tenant got job out of the area (12/21)We started out 2021 with a backlog of 5 renovations from our 2018 slumlord purchase (never again).

Once you add the GP fees and equity split it is going to lessen the LP returns..naturally.